Refinancing update

As previously reported in DOF Subsea AS's ("DOF Subsea" or the "Company") financial report for Q2 2019, the Company has experienced that regular refinancing has been challenging.  
 
DOF Subsea is in process of negotiating a long-term financing solution, with a structure that is aligned with the current market environment. A long-term solution will involve all stakeholders, including owners, banks and bondholders.
>>> Bond Presentation (PDF)
 
The Company has an order backlog of NOK 13.8 billion per 30.06.2019.
 
The Company is making progress with its stakeholders, including a constructive dialogue with key banks to adapt bank facilities to the current market environment.  

DOF Subsea has today summoned a bondholder meeting in order to postpone an instalment in DOFSUB07 due on the 22nd of October, as further described in the summons. Based on the current dialogue with all stakeholders, the best estimate for reaching an agreement on the long-term solutions is during 4th quarter 2019, however no assurance can be given at this stage.
 
Please find enclosed Summons to Bondholders' Meeting (the "Proposal").
>>> Summons to bondholders (PDF)
 
The Issuer has engaged ABG Sundal Collier ASA and Pareto Securities AS as its financial advisors (the "Advisors") with respect to the Proposal. Accordingly, Bondholders may contact ABG Sundal Collier ASA at +47 22 01 61 66 or Pareto Securities AS Fixed Income Sales at +47 22 87 87 70 for further information.
 
For further information, please contact:  
CEO Mons Aase, tel. +47 91 66 10 12  
CFO Jan Nore, tel. +47 48 09 46 99  
SVP Marianne Møgster, tel. +47 99 30 69 16